Bank of Montreal Can Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

Bank of Montreal Can decreased its position in M&T Bank Co. (NYSE:MTB) by 5.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 422,981 shares of the financial services provider’s stock after selling 22,185 shares during the quarter. Bank of Montreal Can owned approximately 0.25% of M&T Bank worth $74,199,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MTB. Plato Investment Management Ltd lifted its position in M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of M&T Bank during the third quarter valued at approximately $32,000. Hexagon Capital Partners LLC boosted its position in shares of M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in shares of M&T Bank in the 2nd quarter worth approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its position in M&T Bank by 329.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In related news, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,383 shares of company stock worth $17,925,801. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Trading Down 0.5 %

Shares of MTB stock opened at $220.77 on Wednesday. M&T Bank Co. has a 1 year low of $123.46 and a 1 year high of $225.70. The firm has a fifty day moving average price of $193.89 and a 200-day moving average price of $170.70. The company has a market cap of $36.63 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 3.11 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, equities analysts predict that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 39.97%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MTB. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Friday, October 4th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Barclays upped their target price on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Royal Bank of Canada raised their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, Bank of America upped their price objective on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $203.29.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.